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CPI rises 3.28% in September; August IIP jumps 4.3%

13 October 2017
CPI rises 3.28% in September; August IIP jumps 4.3%

Industrial production, as represented by Index of Industrial Production (IIP) for the month of August 2017 stands at 121.5, which is 4.3 percent higher as compared to the level in the month of August 2016.

The consumer price index climbed 3.28 percent year-on-year, same as in August, which was revised from 3.36 percent.

According to the data furnished by the Ministry of Statistics and Programme Implementation, September's consumer price index (CPI) inflation remained static at 3.28 per cent as compared to August.

The International Monetary Fund (IMF) on Tuesday also cut its growth forecast for the Indian economy by half a percentage point to 6.7% for 2017-18, blaming the lingering disruptions caused by demonetisation of high value currencies a year ago and the roll out of the GST.

Since August 1, retail petrol prices in Delhi have gone up 4.7 per cent and diesel 2.6 per cent despite a cut in taxes by the Central government.

RBI in its policy review meet on 4 October, kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7% for the current fiscal.

IIP growth slowed down to 2.2% during April-August this fiscal from 5.9% in the corresponding period last fiscal. On the other hand, the inflation print rose in the fuel and light category to 5.56 per cent.

On a month-on-month basis, the CPI declined 0.15 percent and food prices fell 1.36 percent in September.

The output of the mining and electricity sectors grew at 9.4 per cent and 8.3 per cent as compared to August 2016.

The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month.